In an ideal world, the subscription customer experience is seamless. A user selects desired products or services and transitions to payment with ease, followed quickly by a confirmation of the transaction. Recurring payments are then automatically charged or paid via an invoicing process.
When that experience takes an unexpected turn, 1 in 7 customers ultimately don’t make the purchase, resulting in $40 billion in lost revenue annually. What’s worse, 31% of them blame the merchant. This degrades customer loyalty and taints the company’s reputation.
What can businesses do to plug this revenue leak? The answer is multifaceted. Ultimately, you want to recover revenue while maintaining customer trust, and that takes finesse.